As most readers will know, the Spring market is often regarded as ‘peak selling season’ in the Melbourne property market. However, this is actually an oversimplification of the true state of affairs, as our experience has shown that there are some misunderstandings about the overall Spring market, just as there are different markets depending on when in Spring you sell.
More properties for sale in the Spring market?
One clear misunderstanding is that whilst the Spring market is an active time for anyone buying or selling property, the increased activity is not as marked as many people believe. Recent figures from Corelogic showed that the number of properties on the market increases by around 10% during Spring. However, a 10-year study conducted earlier this decade found that the busiest season for property sales nationally, (as opposed to property listings), is actually Autumn. What’s more, the difference in sales from the busiest season to the quietest is also far less dramatic than most people would assume.
Early Spring market can favour sellers
One thing that history has taught us here at Ian Reid Vendor Advocates is that whilst the spike in property listings during Spring does encourage more buyers to the market, it can also mean that competition between sellers can increase as well. This tends to be more apparent later in Spring, when the number of sellers increases due to the influence of successful purchasers who then need to sell to complete their purchase. The later you leave it to place your property on the market, the more likely you are to face a market with more sellers, and less buyers because a percentage of these have already purchased.
In contrast, the earlier in Spring that you put your property on the market, the lower the level of competition from other vendors, and the larger the pool of potential buyers that are available to inspect your property.
Where do you want to spend Christmas?
Another factor that makes selling earlier in the Spring market is the increased opportunity to plan your settlement prior to the Christmas break, the time frame preferred by many families. By moving home before the end of the year, families are able to settle into their new home at their leisure and avoid many of the hold-ups that a property settlement in January, (when many businesses are closed), can experience.
Remember, if you need any advice or assistance in making the most of this year’s Spring market, other than those you’ll find in our FREE book, Fatal Real Estate Traps Exposed, you can call on our Customer Service team at any time on 9430 0000.